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Biotechnology In Agriculture: Implications For Farm-Level Risk Management

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Author Info

  • Makki, Shiva S.
  • Somwaru, Agapi
  • Harwood, Joy L.

Abstract

This study examines the risks associated with adoption of biotech crops and discusses their implications for risk management at the farm level. We develop an analytical risk evaluation matrix framework to illustrate changes in production and marketing risks of biotech and non-biotech crops. Price uncertainty generated by consumer concerns is the major risk facing biotech farmers, while cross-pollination with biotech crops and preservation of non-biotech status are major concerns for non-biotech farmers. Improved market infrastructure to handle biotech products and modification of the current risk management tools to accommodate new risks are essential in reducing the farm-level risks.

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File URL: http://purl.umn.edu/14683
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Bibliographic Info

Article provided by Agricultural Economics Association of Georgia in its journal Journal of Agribusiness.

Volume (Year): 19 (2001)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:ags:jloagb:14683

Contact details of provider:
Postal: 301 Conner Hall, University of Georgia, Athens, GA 30602-7509
Web page: http://www.agecon.uga.edu/~jab/
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Related research

Keywords: biotechnology; genetically modified organisms; marketing risks; production risks; risk evaluation matrix; risk management; Research and Development/Tech Change/Emerging Technologies; Risk and Uncertainty;

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Cited by:
  1. Van der Sluis, Evert & Diersen, Matthew A. & Dobbs, Thomas L., 2002. "Agricultural Biotechnology: Farm-Level, Market, And Policy Considerations," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 20(1).
  2. Bard, Sharon K. & Stewart, Robert K. & Hill, Lowell D. & Hoffman, Linwood A. & Dismukes, Robert & Chambers, William, 2003. "Farmers' Veg Risk Perceptions And Adoption Of Veg Crop Insurance," 2003 Annual meeting, July 27-30, Montreal, Canada 22203, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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